Bulgaria's Petrol Turns to H1 Net Profit on Unit Sale, Share Price Jumps 33.33%

Bulgaria's Petrol Turns to H1 Net Profit on Unit Sale, Share Price Jumps 33.33%

Bulgarian fuel retailer Petrol [BUL:5PET] said on Wednesday that it turned to a consolidated net profit of 55.2 million levs ($32.9 million/28.2 million euro) in the first half of the year from a net loss to 8 million levs in the same period of 2017, following the sale of its unit Elit Petrol. As at 13:40 CET on Wednesday, the company's shares traded 33.33% higher at 1.2 levs on the Bulgarian Stock Exchange. Petrol gained 54.6 million levs from operations with financial assets during the review period, according to figures from the company's interim financial statement.In March, Petrol sold Elit Petrol and at the same time acquired Elit Petrol's wholly owned subsidiary Varna Storage.Petrol's total operating revenue grew to 298.6 million levs in the first six months of 2018 from 223.3 million levs the year before. Sales revenue increased to 243.2 million levs in the period under review from 223.1 million levs a year earlier. The fuel retailer's total operating expenses rose to 243.5 million levs in January-June compared to 231.3 million levs in the corresponding period of 2017.Petrol operates over 300 fuel stations in Bulgaria.(1 euro = 1.95583 levs)

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